Question 2 (5 points) Saved Panel consensus method used in forecast requires expert judgment. In addition, every participant's opinion is treated equally because of the anonymousness. a) True b) False Question 3 (5 points) If with some cost cutting measures at the warehouse, the unit inventory holding cost is only 14 of what it was before, which one of the following is the correct statement when Q-model is used? Assume everything else, including the ordering cost and annual demand, remains the same (hint: analyze the problem using the formula). a) The optimal order quantity doubles what it was before b) The optimal order quantity is only a third of what it was before c) The optimal order quantity does not change but it is optimal to order more frequently d) None of the above Question 4 (5 points) Which of the following statements is true about the Economic Order Quantity (EOQ)? a) It is the quantity that triggers the ordering process b) It is the order quantity at which the total annual cost is the smallest c) It depends on the purchase cost C d) None of the above